Internal dispute resolution data reporting

In March 2022 ASIC released the final requirements for the internal dispute resolution (IDR) data reporting framework (see 22-071MR).

The framework will be implemented in 2023 starting with a group of 11 large financial firms that will have to report IDR data to ASIC for the first time by 28 February 2023 (see section below).

The remainder of the approximately 10,500 financial firms will join the framework and be required to report IDR data to ASIC by 31 August 2023. From that point, all relevant financial firms will need to report IDR data to ASIC every six-months on an ongoing basis.

Financial firms that will need to report IDR data to ASIC include all Australian Credit Licensees as well as Australian Financial Services Licensees who provide financial services to retail clients.

Regulatory Guide 271 Internal dispute resolution (RG 271) sets out how financial firms that are required to comply with IDR requirements can meet their obligations. The requirements relate to matters such as how firms must record and respond to complaints, and the timeframes for doing so.

IDR data reporting handbook

The requirements for firms to report IDR data under the framework are outlined in the IDR data reporting handbook and are given effect by ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205.

The handbook sets out who will be required to report IDR data to ASIC. It includes a data dictionary and data glossary, as well instructions on how firms must report IDR data to ASIC.

Entities required to report IDR data in first tranche

The following groups of licensees from various subsectors were chosen to participate in the first reporting period.

  1. Commonwealth Bank of Australia
  2. Australia and New Zealand banking Group
  3. National Australia Bank Limited
  4. Westpac Banking Corporation
  5. AMP Limited
  6. Dai Ichi Life Holdings, Inc (TAL)
  7. Insignia Financial Ltd (IOOF)
  8. Cbus
  9. UniSuper
  10. Retail Employees Superannuation Trust
  11. AustralianSuper

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Last updated: 30/03/2022 03:01